sovereign bank Informative - Threaten to cancel my account
LANCASTER, PENNSYLVANIA -- I have several accounts with Sovereign. Other family members also deal with this bank. Recently they started to send me letters in the mail threatening to close my accounts with them. They say that I can't make more than six (6) electronic withdraws or transfers within a billing cycle. I was told that it is a GOVT REGULATION. I have had my accounts with this bank for over 5 years, and always made more than 6 withdraws in any given month. I have talked to other people banking with other financial institutions and they say they have never heard of anything so stupid. My question is does Sovereign operate under their own rules. What does it matter. If I have the money in Savings and want to make 1 or 100 withdraws a month.
I would like this resolved so that I can go back to the way it was before they started this procedure.